- Ernst & Young's Response to New York Attorney General's Complaint
New York, 21 December 2010
We intend to vigorously defend against the civil claims alleged by the New York Attorney General.
- Cost cutting and pricing pressures fastest growing risks to global business in 2011
London, 17 December 2010
Regulation and compliance remains the biggest risk to global businesses in 2011, with the expansion of government's role as a new entrant in Ernst & Young's fifth annual Global Business Risk Report, which canvasses the views of leading analysts, academics and industry executives.
- Ernst & Young wins "Accountancy Firm of the Year" for mergers and acquisitions, at prestigious Financial Times/mergermarket European M&A Awards
London, 10 December 2010
Ernst & Young was last night awarded the 'Accountancy Firm of the Year' at the prestigious Financial Times/mergermarket European M&A Awards.
- Ernst & Young welcomes IASB proposals that will simplify hedge accounting
London, 9 December 2010
Ernst & Young welcomes the IASB's proposals on hedge accounting that will simplfy the current requirements under IFRS.
- 2010 global IPO fund raising to exceed historic peak in 2007
London, 8 December 2010
IPO fundraising activity will set record levels globally in 2010 with funds raised likely to exceed US$300billion. Despite the fragility of economic recovery in Western markets, Asia's economic growth story and record-breaking debuts have fuelled a strong worldwide IPO recovery. In the first 11 months of 2010, IPOs worldwide have already raised US$255.3b in 1,199 deals. By year end, total global IPO values will exceed the p revious record (of US$295b raised in the global fundraising peak of 2007), according to Ernst & Young's Year-end Global IPO Update.
- Ernst & Young recognized as a global knowledge leading business
London, 6 December 2010
For the thirteenth consecutive year, Ernst & Young has been recognized as a Most Admired Knowledge Enterprise (MAKE). A panel of Global Fortune 500 senior executives and internationally-recognized knowledge management and intellectual capital professionals selected the 2010 Global MAKE Winners.
- Ernst & Young recommends IASB and FASB increase impact assessment and field-testing timeframe on "Leases" exposure draft
London, 2 December 2010
Ernst & Young yesterday provided comments in a letter to the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) that the proposals in the Boards' joint exposure draft Leases require significant changes, additional field testing and stakeholder consultation before an operational standard can be achieved.
- Brazil's appeal as a premier international real estate investment market set to strengthen in 2011
Sao Paolo and New York, 2 December 2010
Brazil's position as one of the premier global investment target markets is set to further strengthen in 2011 as foreign investors ramp up their programs aimed at the country's real estate sector, according to a recent survey of more than 60 international investors including private equity fund managers, investment bankers and real estate developers by Ernst & Young.
- Ernst & Young named top consulting organization for financial services
New York, 29 November 2010
Ernst & Young has been named the overall winner of the Operational Risk & Regulation's annual consultancy rankings for the second consecutive year.
- PE owners of European businesses resist short-term pressures and hold their investments
London, 15 November 2010
How do private equity investors create value? – Beyond the bears, an analysis of significant European businesses exited by PE between 2005 and 2009, found only 30 exits in 2009 meeting the study's criteria , demonstrating a decision by most PE owners to avoid selling in adverse market conditions.
- Secrets of successful "intrapreneurship:" Ernst & Young LLP reveals six strategies for fostering a culture of continuous innovation to drive growth
Palm Springs, 10 November 2010
New report explains how companies can fuel growth from within and features interviews with Bill Ford and other business leaders, with insights from a 2010 global survey of the best entrepreneurs.
- The pace of technology deals picks up in the third quarter of 2010
New York, 9 November 2010
Global technology mergers & acquisitions (M&A) increased in deal number and value, both year-over-year and sequentially, in the third quarter of 2010 (3Q10), buoyed by cross-border M&A and a resurgence of private equity (PE) activity.
- Hedge funds rebound amid calls for greater transparency
New York and London, 9 November 2010
Ernst & Young releases its annual survey of the global hedge fund industry. For the first time, institutional investors were also included in the survey.
- Competition to intensify for global businesses despite economic recovery
London, 8 November 2010
In spite of economic recovery, businesses see a far more challenging business environment in the immediate future, with 85% stating that their market will become more competitive over the next two years. This is according to Competing for Growth, an Ernst & Young study of 1,400 senior executives around the world.
- Juan Costa Climent appointed Ernst & Young Global Leader for Climate Change and Sustainability Services
London, 4 November 2010
Juan Costa Climent has today been appointed Ernst & Young's Global Leader for Climate Change and Sustainability Services, reinforcing the organization's commitment to become a leader in this field.
- Companies unprepared to address risks created by new technology
London, 4 November 2010
Less than a third of global businesses have an IT risk management program in place capable of addressing the risks related to the use of new technologies, according to Ernst & Young's 13th annual Global Information Security Survey released today. In spite of the rapid emergence of new technology, just one in ten companies consider examining new and emerging IT trends a very important activity for the information security function to perform.
- Europe sees comeback of large private equity buy-outs
London, 26 October 2010
The third quarter of 2010 saw a comeback of large private equity buy-out deals, with average deal size double those of 2009 and total deal value at €30.5b in the first nine months of this year, compared to €18.2bn for the whole of last year.
- Uncertain energy policy is number one risk to oil and gas companies
London, 20 October 2010
According to the Ernst & Young Oil and Gas Business Risk Report 2010, uncertain energy policy has replaced access to reserves as the top risk facing the industry across the globe in 2010.
- Capital market conditions improve yet fewer global businesses actively seeking M&A targets compared to six months ago
London, 18 October 2010
Despite the return of favorable conditions for mergers and acquisitions (M&As), a quarter fewer (29%) global businesses are actively seeking acquisition targets, in stark contrast to the appetite for deals six months ago (38%).
- CEO Champions commit to action and accountability at Women's Forum for Economy and Society
Deauville, 15 October 2010
An inaugural group of more than 20 CEOs and leaders came together in a private meeting to discuss how male and female leaders should continue to make progress on women's advancement through specific and measurable actions. In addition, a CEO plenary session highlighted the outcomes of the private meeting.
- PE-backed IPO values see four-fold increase in first three quarters of 2010, compared to same period in 2009
London, 12 October 2010
PE-backed companies have raised US$21.6b in 94 separate listings in the three quarters of 2010, a remarkable increase over the same period a year ago, when 17 companies raised US$5.2b, according to the quarterly Private Equity, Public Exits research by Ernst & Young.
- China dominates Q3 global IPO activity
London, 6 October 2010
Global IPO fundraising picked up in Q3, despite market volatility and fewer deals launched. Asia's growth story continues to fuel global IPO markets. The US$22.1b mega IPO of the Agricultural Bank of China was the largest ever, making up almost half (42%) of total IPO funds raised globally this quarter.
- Ernst & Young reports fiscal year 2010 global revenues of US$21.3 billion
London, 6 October 2010
Ernst & Young today announced combined global revenues of US$21.3 billion for the fiscal year ended 30 June 2010, compared with US$21.4 billion in fiscal 2009.
- Is the best already behind us?
Frankfurt, 30 September 2010
Eurozone growth was surprisingly strong in Q2 of 2010 but this momentum is unlikely to be sustained as the economy faces up to strong headwinds, according to Ernst & Young's latest quarterly Eurozone Forecast (EEF). As a result the EEF has revised its forecast for the region's growth up to 1.5% this year, primarily based on a remarkable performance by the German economy in Q2, but still predicts a below trend growth of 1.4% for 2011. Eurozone unemployment is still expected to continue rising until mid-2011, peaking at more than 16.3 million.
- Public sector accounting reforms under way, but convergence of standards in Europe remains a challenge
London, 23 September 2010
In the aftermath of the global economic crisis, concerns about accountability, transparency, and sustainability have surged back to the top of the international political agenda. Policymakers are now beginning to recognize that the public sector needs a robust and uniform set of accounting standards according to Towards transparency: a comparative study of governmental accounting in Europe.
- Collaboration critical to the success of electric vehicle industry
Montreal, 15 September 2010
Collaboration is critical if the global electric vehicles industry is to fulfill its potential, according to participants of Ernst & Young's 'Ignition Sessions' – a global series of executive roundtables attended by key stakeholders from across the electric vehicle value chain.
- Nuclear revival gathers momentum
Montreal, 14 September 2010
The world stands on the verge of the largest expansion of nuclear power since the 1980s, according to research by Ernst & Young, with 65 reactors under construction in 15 countries, a further 120 being actively pursued and many existing reactors being refurbished.
- The global gas challenge
Montreal, 13th September 2010
Uncertainty over the level of future gas demand is at its highest in decades, according to a new report, The Global Gas Challenge, released today by leading professional services organization Ernst & Young. This uncertainty could result in future supplies being inadequate to meet the projected growth in demand. While global gas demand is forecast to grow by 1.5% per annum through to 2030 by the International Energy Agency, actual growth will be influenced by a number of unpredictable factors.
- Proposals on lease accounting will significantly affect industries
London, 18 August 2010
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) yesterday released a proposal to improve the accounting for leases under both IFRS and US GAAP. The proposal is designed to provide a single model for lease accounting for both lessees and lessors – a "right of use" approach.
- Big-ticket technology deals resume in Q2 2010
London, 5 August 2010
Big-ticket merger-and-acquisition (M&A) deals returned to the global technology sector in the second quarter of 2010 (Q2'10), with seven transactions valued at more than US$1 billion, according to a new report by Ernst & Young.
- European private equity buy-outs increase for five consecutive quarters
London, 2 August 2010
European private equity buy-out activity across 15 countries* consolidated its recovery in the second quarter of 2010 (Q2'10) with 125 buy-outs in Europe.
- IFRS 4 presents major opportunities for global insurance industry
London, 30 July 2010
International Financial Reporting Standard (IFRS) 4 Insurance Contracts presents major opportunities for global insurance industry. See report.
- Enterprise customers deliver mixed messages for telcos as trusted ICT service providers
London, 22 July 2010
Despite making inroads in the enterprise market beyond legacy connectivity services, telecom operators face a tough time convincing business customers that they can be trusted providers of information and communication technology (ICT) services. Fifty-six percent of respondents believe that the telcos should stick to their core business, rather than being all things to all people, according to a new survey by Ernst & Young - Beyond connectivity: can telecoms operators offer new services to business customers?
- Data deluge driving telecoms sector top business risks in 2010
London, 20 July 2010
Telecoms operators across the world are facing an explosive surge in the volume of data traffic across their networks, creating pressures and risks across their operations, according to a new report by Ernst & Young.
- Working capital performance deteriorates at two-thirds of companies
London, 19 July 2010
Nearly two-thirds of the companies included in the annual Ernst & Young working capital survey reported deteriorations in performance in 2009 compared to 2008, with cash-to-cash (C2C) increasing by as much as 6% in the US and 3% in Europe.
- Global IPO activity sustains momentum in Q2 despite market volatility
London, 7 July 2010
Global IPO activity in the second quarter of the year showed signs of resilience despite current market conditions, both in terms of funds raised and number of deals. Listings were mainly driven by a strong Asian market and also by increased listings in the US and Europe according to Ernst & Young's Q2 2010 Global IPO update and the Global IPO trends report 2010.
- Sovereign debt crisis hits Eurozone economic growth
Frankfurt, 24 June 2010
The imminent threat of default may have passed but the crisis is far from over in the Eurozone, according to Ernst & Young's quarterly Eurozone Forecast (EEF).The EEF has revised its forecast for the region's growth down to 0.8% this year and 1.3% for 2011. Furthermore, unless the Eurozone seriously tackles structural reforms that are the root of the massive challenges it faces, the risks of an economic "lost decade" like that of Japan in the 1990s are significant, particularly for countries in Southern Europe.
- 2010: a critical year for oil and gas companies' tax regime
London, 22 June 2010
Ernst & Young today publishes its second annual Global Oil and Gas Tax Guide 2010 summarizing the oil and gas tax regimes in 57 countries. This year the guide introduces 17 new countries across the Americas, Africa, Europe, the Middle East and the Far East regions.
- Seventy-three percent of global media and entertainment CFOs say digital and mobile content are greatest future revenue opportunities despite current profit pressures
New York, 17 June 2010
CFOs from 75 of the world's largest media and entertainment companies are optimistic about revenue potential from the Internet and mobile devices in spite of declining revenues, according to Ernst & Young's 2010 global media and entertainment CFO study. The report, Poised for digital growth: Preserving profitability in today's digital world, offers insights from CFOs on the future of digital distribution, the Internet, mobile devices and the impact on their companies.
- Global demand for electric cars could outweigh near-term supply
Detroit, 16 June 2010
Over 25% of drivers surveyed across US, Europe, China and Japan said they would likely consider purchasing plug-in hybrid (PHEVs) or electric vehicle (EVs), as soon as they become available on the market, according to research by Ernst & Young's Global Automotive Center.
- The Hedge Fund Journal announces Tomorrow's Titans
New York, 14 June 2010
The survey, conducted by The Hedge Fund Journal and sponsored by Ernst & Young, identifies the top 40 hedge fund industry leaders of tomorrow based on information gathered from a wide range of industry participants and allocators.
- Regulation overtakes reputation as biggest risk concern for asset management CROs
London, 14 June 2010
Increased regulatory interest has overtaken reputation as the biggest risk concern for asset management chief risk officers (CROs) with the desire to optimize capital and liquidity springing into third place, according to Ernst & Young's second annual industry risk management study.
- ICAP's Michael Spencer named Ernst & Young World Entrepreneur Of The Year 2010
Monte Carlo, 6 June 2010
Michael Spencer, Group CEO of the UK's ICAP plc, was last night named the Ernst & Young World Entrepreneur Of The Year 2010 at an awards ceremony held in Monte Carlo's Salle des Etoiles. Spencer was picked from among the more than 50 country finalists vying for the title, each of whom had already been named the Ernst & Young Entrepreneur Of The Year in their home countries. The 2010 awards ceremony marks the tenth consecutive year the Ernst & Young World Entrepreneur Of The Year has been held.
- Action amid uncertainty: 70% of corporate executives plan to increase spending on climate change initiatives between 2010 and 2012
New York, 25 May 2010
Despite challenging economic conditions and regulatory uncertainty, global executives believe that the climate change agenda will significantly impact business performance and strategy over the next few years according to a new survey by Ernst & Young: Action amid uncertainty: the business response to climate change. Three hundred global corporate executives from 16 countries with at least US$1b in annual revenue participated in the survey conducted during spring 2010.
- Rise in global fraud triggers serious liability concerns amongst global boards
London, 19 May 2010
The Ernst & Young 11th Global Fraud Survey reveals that 76% of respondents feel their boards are increasingly concerned about their personal liability from fraud, bribery and corruption. Furthermore, executives interviewed believe that their boards are not sufficiently prepared to deal with the new risks from fraud and corruption as companies return to growth.
- Global technology M&A activity increases in first quarter with growing number of smaller, strategic deals
London, 5 May 2010
Merger-and-acquisition (M&A) activity in the global technology sector continued to increase in Q1 2010 even as big-ticket technology deals paused, according to the most recent quarterly technology M&A report by Ernst & Young. The report also highlights conditions that indicate significant growth in technology M&A activity for the rest of 2010.
- Biotech industry showing resilience despite challenging conditions
NewYork, 28 April 2010
The global biotechnology industry was able to weather the continued worldwide economic turmoil and deliver a strong financial performance in 2009, with the world's established biotech centers reaching profitability for the first time in history.
- Power and utilities sector near tipping point as smart future beckons
London and Dusseldorf 22 April 2010
Seeing energy differently, a new Ernst & Young report released today, analyses a sector on the point of massive change with a new consumer model, new entrants, new services and new ways of delivering them.
- Striking a balance
London, 21 April 2010
In a new outlook issued today the Ernst & Young Global Oil & Gas Center says that oil and gas industry fundamentals are improving in line with the global economy. Developing countries continue to take the lead in terms of growth, with positive indicators throughout the globe and with generally rising economic expectations, energy market sentiment remains relatively positive.
- Eurozone catches another cold but limps toward late 2010 recovery
Frankfurt, 16 April 2010
Although many of its large members were among the first countries to emerge from recession last year, the short-term outlook for the Eurozone remains challenging with GDP growth expected to rise by only 1% in 2010 and 1.6% in 2011, according to Ernst & Young's new quarterly Eurozone Forecast (EEF), released today.
- Twice as many global b usinesses actively seeking M&A targets in next 12 months, compared with six months ago
London, 15 April 2010
Optimism is growing in the global M&A environment as 57% of businesses state they are likely or highly likely to acquire other companies in the next 12 months, almost double that of the 33% six months ago, according to a new study of over 800 senior executives around the world by Ernst & Young.
- Add water systems to US infrastructure challenges, says Infrastructure 2010: an investment imperative
Boston, 13 April 2010
More and more urban areas throughout the United States – in both dry and rainy locales -- are facing growing pressures on their water infrastructure systems, necessitating both greater investments for overhaul and a change in development patterns that are more conducive to conservation, according to Infrastructure 2010: An Investment Imperative, a new publication released today by the Urban Land Institute and Ernst & Young.
- Strong global IPO market in Q1 sets tone for 2010
London, 8 April 2010
Global IPO activity in the first quarter of 2010 showed substantial improvement over Q1 2009. Results were driven by an ongoing robust Asian market and the revival of European listings, according to Ernst & Young's Q1 2010 Global IPO update.
- Nimble and astute, private equity bounces back
London, 6 April 2010
While 2009 was a challenging year for private equity (PE) on all fronts, it has offered a window into the industry's flexibility in adapting to a changing economic environment. 2010 is already exhibiting more robust global PE activity as funds look to invest and divest in a more stable economic setting, according to a new report released today by Ernst & Young.
- REITs leading real estate out of global financial downturn
London and Sydney, 9 March 2010
Real estate investment trusts (REIT) are leading other property investments out of the global economic downturn largely thanks to the resiliency of the REIT model, according to a report released today by Ernst & Young.
- Deal activity in the consumer products sector hits a 3 year low in Q4 2009
London, 19 February 2010
Deal value and volume in the consumer products (CP) sector continued to fall in Q4 2009, with deal volumes now at a three year low, according to a new quarterly report from Ernst & Young. Moreover, the number of significant deals already announced this year suggests that the sector may have reached the bottom of the market and that deal volumes will start to recover over the course of 2010.
- Pat Hyek to lead Global Technology Sector at Ernst & Young
London, 17 February 2010
Ernst & Young has appointed Pat Hyek to lead its Global Technology Sector Center. Pat is based in San Jose, California.
- Positive outlook as global technology M&A shows growth
London, 15 February 2010
Mergers and acquisitions (M&A) activity in the global technology sector grew for the third consecutive quarter in Q4 2009, bringing optimism for continued growth in 2010, according to a new report by Ernst & Young.
- European insurers must rebuild capital while seeking growth opportunities in 2010, according to Ernst & Young
London, 11 February 2010
While many European insurers weathered the financial crisis better than their bank counterparts, many were shaken by investment losses and capital constraints that are expected to present additional challenges in 2010, according to Ernst & Young's Global Insurance Center 2010 European Insurance Outlook.
- Progressi ons report from Global Life Sciences Centre
NewYork, 11 February 2010
Information technology (IT) companies, large retailers, and telecommunication firms are strategically poised to capitalize on rapid changes taking place in health care, and pharmaceutical companies are increasingly looking for innovative ways to collaborate with these new players to reach and improve outcomes for patients.
- Economic recovery will bring opportunities, challenges to the Far East insurance market in 2010, says Ernst & Young
Hong Kong, 8 February 2010
While mature markets are more saturated, strong prospects for economic growth in the emerging markets and a relatively young insurance sector in the many parts of the Far East offer great opportunities – as well as challenges – for those companies prepared to invest for the long haul, according to Ernst & Young's Global Insurance Center 2010 Far East Insurance Outlook.
- European investment funds failing to reap benefits of IFRS
London, 8 February 2010
Despite the G20's call for the setting up of high-quality global accounting standards, there is little evidence that International Financial Reporting Standards (IFRS) are being embraced by the European investment fund industry and its supervisors, finds a new Ernst & Young survey.
- Global corporates are tiptoeing cautiously into 2010
London, 2 February 2010
A comprehensive survey of senior executives at nearly 900 major companies worldwide by Ernst & Young reveals a very different business environment compared to twelve months ago but highlights a corporate world that for the most part is still nervous about recovery.
- Banks need to win customer loyalty war as one in ten Europeans plan to change banking provider this year
Madrid and Paris, 1 February 2010
The financial crisis has caused customers to change their attitude towards their banks, finds new research from Ernst & Young. If they are not changing provider, then some customers are looking to diversify their banking portfolio spreading financial products across a number of different institutions to minimize their exposure to perceived risks.
- Globalization to resume in 2010 after temporary blip
Davos, 29 January 2010
A report released today by Ernst & Young in cooperation with the Economist Intelligence Unit (EIU) highlights how globalization slowed during the financial crisis and the subsequent downturn. But as the economy recovers in 2010 the growth of globalization will once again resume, although at a slower pace than in the past decade, the report predicts.
- Diversity drives innovation
Davos, 27 January 2010
Ernst & Young today released a report that cites diversity of thinking as a key driver of innovation within companies. It highlights how innovation is sparked by the clashes of ideas created from diverse perspectives. The full report is available at www.ey.com/globalmindset.
- 2010: a critical year for IFRS, says Ernst & Young
London, 25 January 2010
2010 will be a critical year for the progression of International Financial Reporting Standards (IFRS), with more countries commencing their conversion to IFRS. These include Canada, India and much of South America.
- Upstream oil & gas companies winners in a choppy M&A market
London, 18 January 2010
The last twelve months has been a challenge for many companies in the oil and gas sector, but there have been substantial opportunities for those with strong balance sheets. And the outlook for 2010 is looking positive, according to Ernst & Young's third annual Global oil and gas transactions review.
- Are US drivers beginning to get switched on to electric cars?
Detroit, 13 January 2010
Over 10% of US drivers surveyed said they would consider purchasing a plug-in hybrid or electric vehicle, according to a survey by Ernst & Young's Global Automotive Center. The report canvassed the views of a thousand American licensed drivers to gauge consumer awareness and interest of plug-in hybrid and electric vehicles in the market.
- Almost 50% of investors, analysts and lenders believe impairments are below expectations
London, 11 January 2010
Impairments reported during the last two years were lower than expected according to 47% of investors, analysts and lenders, in a new survey released today by professional services organization, Ernst & Young.